Employment News
Monsanto to Cut 900 Jobs
By Erik Even | Dated: 06-27-2009
Monsanto will cut 900 jobs across the firm, or 4% of its workforce, citing an 14% drop in quarterly earnings fueled by losses to Chinese rivals producing generic versions of its herbicides.The company’s herbicide and agricultural nutrients units are being reorganized under a single executive.
Founded in 1901, St. Louis, Missouri-based Monsanto is a multinational agricultural biotechnology corporation. It is the world’s leading producer of the herbicide glyphosate, marketed as “Roundup.” Monsanto is also the leading producer of genetically engineered seeds, holding 70% to 100% market share for various crops.
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